Independent Technology & Equipment Lessor • Strategic Partners

Press Room

Scott McFetters to Speak at ALA Chapter Education Meeting, Hawaii

Advances in technology and software are increasing exponentially, causing obsolescence cycles to shrink, and inserting risk as outdated technology leaves firm?s vulnerable to security risks. Many law firms struggle to manage these vital needs to continuously update software and equipment to keep current and address security while staying within budget.

Leasing is a strategic financial option that firms can utilize to provide a predictable, monthly expense for their technology and equipment needs. Moving to a monthly expense model puts the firm in an agile position for change, seamlessly enables technology and equipment upgrades and replacement, and ensures the firm?s hardware and software are current to security standards without becoming bottlenecked by inserting simple payment replacement rather than cash expenditure approval processes.

Join Scott McFetters, President of CoreTech Leasing, at Cades Schutte LLP, as he discusses financial strategies that help firms navigate the equally important needs of technology, equipment, security and budgets, including industry best practices, types of lessors organizations encounter, and what pitfalls firms should avoid.

Upgrading to 3E Financing and Leasing Is a Strategic Advantage

This article was featured in the Q2 2017 edition of Thomson Reuters Elite’s Forefront newsletter.

Financing and Leasing Technology Is a Strategic Advantage

This article was featured in the May 2017 edition of Law Journal Newsletters.

By Scott McFetters

Advances in technology and software are being made at an increasingly rapid pace. As a result, IT hardware obsolescence cycles are shrinking too. This period of exponential improvement with which we are all now familiar has shown time and again that there will continue to be breakthroughs in technology that deliver better, less expensive, and/or more robust products. Law firms may want to leverage a specific law firm management technology to gain a competitive advantage in the marketplace but might not want to purchase those tools outright. How are you equipping your firm to succeed both in the present day and into the future?

Changing Technologies

On Jan. 10, 2023, Thomson Reuters Elite will cease support for all versions of its Enterprise platforms, with all bug fixes for all versions ending on Dec. 31, 2022. The Thomson Reuters Elite Enterprise platform is over 25 years old, and according to the company, is no longer feasible to maintain compatibility with new technology. In addition, Microsoft will terminate related technologies over the coming years, which means that by January 2023, all enterprise versions will be running on unsupported Microsoft technology.

Related Stories

As part of the complete Enterprise Business Management Solution offered by Thomson Reuters Elite, the 3E platform helps firms manage critical areas of their business. This means they upgrade either to 3E or a competing product, which could impact several mission-critical systems within the firm. In addition, this could require other expensive hardware upgrades and tertiary software upgrades.

Approximately 33% of Thomson’s 167 client firms, ranging from 100 fee earners to 600, have already made the decision to upgrade to 3E. This leaves about 67% of its major law firm client base still undecided as to whether to upgrade to Thomson’s new 3E platform or change their core platforms to Aderant or another competitor.

Finance or Buy?

Whether firms migrate from Elite Enterprise to the new 3E platform or change providers, a decision must be made to arrive at a financial solution that will cover not only the software expenses, but also additional related expenses: training, implementation, maintenance and other soft costs, along with any new hardware requirements for the new system.

To learn more, read Scott McFetters’ latest article in Thomson Reuters Elite’s Forefront here. To download a PDF of the full article, click here.

Loved What You Saw at ALA? Leasing Can Help You Procure the Best of Breed Technology

The 2017 ALA Conference & Expo was a great success and, as always, it was a pleasure to be among the great mix of industry professionals and thought leaders with one focus: elevating our potential. We hope you had a great conference!

A notable part of the event is always the impressive array of technology providers on display in the Exhibit Hall which no doubt can help firms maximize their potential in the new legal market.

Now what?  How can you procure this best of breed technology?

Talk to the CoreTech team about maximizing your software and hardware ROI through leasing or financing. While cash may be a viable option for some firms, leasing and financing condense the decision cycle and the lengthy process to request another large capital expenditure can be circumvented. Financially, leasing beneficially increases cash flow, keeps bank lines of credit open for working capital use, and cuts out of pocket costs for necessary security upgrades, while enabling these new projects in the budget.

In today’s competitive marketplace, law firms must leverage technology to gain an advantage. The good news is that leasing and financing can help your firm arm itself with the most up-to-date versions of hardware and software available to help keep clients’ data secure while staying within a predictable monthly expense.

Let’s continue the discussion we started in Denver.

Contact Scott McFetters, Bill Pitcairn, Mike Henderson or Bob Wallace directly to discuss strategic financial options for your firm’s technology and equipment needs.

How Leasing Can Make Your Information Security Processes Bulletproof

Security issues are cited repeatedly as the number one concern for law firms and most recently topped all other current trends. The 2015 ILTA TechSurvey revealed that nearly half of the 420 law firms surveyed identified security as the number one concern—and with good reason. As recently reported in Legaltech News, 80 of the 100 biggest law firms have been hacked since 2011. This year, firms are estimated to spend more than $6.9 million or 1.92 percent of their gross annual revenues on information security.

Security concerns are a game changer. Not only are clients mandating increased security measures, they are requiring that these security measures be absolute and transparent. Every firm is now beholden to know exactly what technology and equipment it has in its possession, its location, its lifecycle stage, and the established processes required to securely return and dispose of the assets at the end of its useful life.

To learn more, read Scott McFetters’ latest article in Thomson Reuters Elite’s Forefront here. To download a PDF of the full article, click here.

CoreTech Leasing’s President, Scott McFetters, to Speak at the ALA Annual Conference

Newport Beach, CA – May 4, 2016 – Independent technology and equipment lessor, CoreTech Leasing, Inc., announced today that the company is exhibiting and sponsoring at the ALA Annual Conference in Los Angeles at booth #806. CoreTech’s President, Scott McFetters, will present “Mergers, Moves and Leasing” on Monday, May 23rd at 3:30 pm PST focusing on strategic flexibilities offered by leasing a firm’s technology and equipment in multiple situations. The conference, held from May 22nd through May 25th, is one of the largest events of the year for the legal industry.

Law firm mergers are currently at an all-time high, with Altman Weil reporting 91 mergers in 2015 – the largest number since polling began in 2007. Acquisitions and the drive to improve profitability by reducing office space are also top concerns for law firms. Scott’s session will explore how leasing is optimally suited for a world of rapid transitions, and how leasing can give firms the flexibility and quick decision making needed to implement a successful merger, acquisition or relocation.

Scott’s talk is aimed toward seasoned legal administrators who need to make decisions on how to strategically procure technology and equipment while making budget, and anticipating potential needs for flexibility. Attendees will be engaged in analyzing mergers, moves and acquisitions and assessing the strategies leasing provides in acquiring state of the art equipment, hardware, services, and software implementations and upgrades. “Mergers, Moves and Leasing” will empower attendees to develop best practices and determine the best finance decision-making processes for their firms’ needs.

CoreTech Leasing has been a proud, long term sponsor of the ALA Conference and Expo, which is a primary resource for legal administrators and professionals. This year’s conference is expected to have an exhibition hall featuring over 200 vendors, in addition to educational tracks and sessions featuring top thought leaders from across the legal industry.

“The ALA Annual Conference and Expo is one of the most important events of the year for law firms and legal administrators,” says McFetters. “We’re proud to once again be part of it. I will look forward to providing law firm administrators with much-needed tools to understand how to leverage leasing as a highly beneficial financial tool, especially for a law firm market that continues to flex and contract in a very competitive marketplace.”

To read Scott’s article, “Leasing Strategies in a World of Flux,” published in Law Journal Newsletter’s Accounting and Financial Planning for Law Firms, click here.

To download the full press release, click here.

CoreTech Leasing Welcomes Distinguished Sales Veteran, Bill Pitcairn

Newport Beach, CA – April 11, 2016 – Independent technology and equipment lessor, CoreTech Leasing, Inc., today announces that highly regarded sales veteran, Bill Pitcairn, has joined the team as Senior Account Manager. A well-known and highly regarded professional, Pitcairn brings to CoreTech three decades of top tier industry experience in the finance industry and a stellar track record building successful client relationships.  Bill will continue to build CoreTech’s relationships across multiple markets including the medical, education and semiconductor industries.

Pitcairn possesses a distinguished track record in the finance industry, leading all facets of sales functions with an emphasis on strategic planning and revenue growth.  During his tenures across several crucial sectors, Pitcairn’s expertise led him to be elected to Comdisco’s CEO Executive Sales Council where he closed upwards of $160 million in lease and financing structures in one 18-month period, and managed the two largest leasing relationships at AT&T and Verizon.

Bill served as VP of the Northeast Region for GE Capital where he was awarded as one of the company’s top salesman over multiple years; previously as well, Bill was Vice President of Sales at Presidio Technology Capital where he led a multi-million-dollar managed services contract with a major university, and most recently served as Vice President of First Financial Corporate Services.

Pitcairn’s appointment is a substantial addition to CoreTech’s executive team and strengthens the company’s abilities to continue to serve current as well diversify its client base, including an ongoing expansion into the medical, education and semiconductor industries where his leadership will be essential.

 

Scott McFetters, President of CoreTech Leasing, remarked, “We’re pleased to bring a finance veteran of Bill’s caliber onto the CoreTech team.  Bill’s relationships and expertise across the medical, education and semiconductor markets will be invaluable assets to CoreTech clients as we continue to expand our growth in these areas.  We look forward to Bill’s leadership, integrity and tenacity, and welcome him heartily to the team.”

 

Bill Pitcairn added, “I’ve known Scott McFetters and the CoreTech team as highly regarded professionals in the finance industry for many years now.  I am delighted to join the CoreTech team of experts and leverage my diverse knowledge and expertise to continue building on CoreTech’s excellent reputation in the finance market and drive further value for their clients.”

 

To download the press release, click here.

How Leasing Assists Your Firm to Make Your Information Security Processes Bulletproof

This article was featured in the April 2016 LJN Accounting and Financial Planning for Law Firms Newsletter.

By Scott McFetters.

Security issues are cited repeatedly as the number one concern for law firms and most recently topped all other current trends.  The 2015 ILTA TechSurvey revealed that nearly half of the 420 law firms surveyed identified security as the number one concern—and with good reason.  As recently reported in Legaltech News, 80 of the 100 biggest law firms have been hacked since 2011.  This year, firms are estimated to spend more than $6.9 million or 1.92 percent of their gross annual revenues on information security.

Security concerns are a game changer.  Not only are clients mandating increased security measures, they are requiring that these security measures be absolute and transparent.  Management of your firm’s technology and equipment assets now falls under the mandate of these security standards to which law firms must adhere.

Every firm is now beholden to know exactly what technology and equipment it has in its possession, its location, its lifecycle stage, and the established processes required to securely return and dispose of the assets at the end of its useful life.  As security measures evolve, so will the rate of technology equipment refresh alongside it– firms cannot afford the risk of deploying technology beyond its useful life.

Two vital components of your pragmatic information security policy are IT asset management and a refresh program that ensures your law firm is equipped with the most current updated hardware and software.  Leasing, as it turns out, is a financial tool which parallels your firm’s goals to achieve both, assisting your efforts to make your information security program bulletproof.

Click here to download the full article.

What is The Cost of Delay for Upgrading Your Firm’s Infrastructure?

This article was featured by Legal IT Professionals on October 5, 2015

By Scott McFetters

Sustained corporate success and the ability to adapt to change have long gone hand-in-hand; the average life span of a corporation has been steadily decreasing for decades. Standard & Poor’s data shows that it was 61 years in 1958, 25 years in 1980, and just 18 years in 2011. In today’s business world, many more companies merge, are acquired, or go through some other form of transformation which feeds into the data—all which means business as a whole is more dynamic than it was 60 years ago as the pace of change accelerates.

The right technology is an essential building block to successful adaptation in today’s market—and that includes legal where it is leveraged as a crucial part of law firm productivity and client service.  With these positive changes in the use of technology comes challenges as well including at least these:

– Law firms are faced with exponentially increasing pressures from both corporate and private clients when it comes to cybersecurity.

– Decreasing useful life of the technology and equipment the firms have come to rely on to compete, adapt and succeed.

Earlier this year, Legaltech News reported in its 2014 Global Law Firm Cyber Survey that, “79 perceof respondents said cyber and privacy security was included as one of the top 10 risks in their firms’ overall risk strategy, but more than half (51 percent) also said either that their firms hadn’t taken measures to insure their cyber-risk or that they weren’t aware of whether their firm had taken appropriate measures.”

A different report from Chase Cost Management reported that 80 of the 100 biggest law firms have been hacked since 2011 and this year, firms will typically spend more than $6.9 million on information security, or 1.92 percent of their gross annual revenues.  It comes as no surprise that these investments are the result of client demands and the obligations to protect data.

Where is the money going?  It was noted during ILTA panel discussions that the biggest ROI for enhancing a firm’s security is training personnel –but across the board, IT departments are struggling to simultaneously meet all of these demands.  The 2015 TrustWave Security study shows 66% of IT pros are pressured to implement security products with all of the latest features, despite 3 out of 10 not having the financial or staffing resources to do so effectively.

It is a complex landscape and all of these actions are important – increasing spend on security measures and training the people inside of law firms—but, here’s another:  don’t forget to pay attention to the fundamentals like your equipment and technology lifespan itself.  In fact, focusing on this fundamental can lead to a solution firms can take to bolster security and alleviate financial burdens.

Specifically, it is oftentimes overlooked that law firms—as businesses—are successful based on their use of equipment and not from the ownership of that equipment—and it is clear that the useful lifespan and the security lifespan of your firm’s technology and equipment are decreasing.  This means it may not be strategic in the current environment to own equipment, as the depreciable life will most likely will outlast the equipment’s useful life as well as its security protocols.

Click here to read the full article online.

The Times, They Are A-Changin’: Leasing Strategies in a World of Flux

Mergers and moving offices to locations with lower cost requires flexibility regarding law firms’ technology, software and equipment needs as these are reconfigured and optimized.   If your firm owns technology, the result of reconfiguring operations could leave you with equipment that is no longer needed, but will require dedicated staff hours to handle.

The financial burden of office relocations like Tallahassee by Kaye Scholer and Nashville by Pillsbury can be alleviated by converting all new technology and equipment needs into a monthly expense as opposed to a single, large cash outlay.   At the same time, in addition to the hardware and equipment needs, firms can also finance the software, software upgrades and associated ‘soft costs’ including training, implementation, installation and services, which can help alleviate the cost of onboarding new staff in new locations.

Leasing a firm’s hardware, software and other technology costs is a strategic solution that can allow a firm to convert what would be a large purchase into an affordable monthly expense.   Leasing conserves cash, keeps bank lines of credit open for their intended short-term use, and cuts out of pocket costs for security upgrades while enabling the necessary new projects to be fit into the budget.

Combined, these financial strategies allow flexibility and rapid decision making, distinct advantages in a merger and re-sizing market.

 

Click here to download the full article.

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